Anyone considering buying and running a franchise, asks themselves if they have what it takes to be successful. There are plenty of external factors that have an impact on success. These include things like the how well the franchise is doing as a whole and how the local market will respond. But there are also internal factors, like personality traits, that point to running a successful franchise. Read on 6 personality traits that most successful franchisees possess.
It’s no secret – buying a franchise is expensive and requires a large up-front investment. There’s a wide range in cost for franchises, from tens of thousands to more than a million dollars, and it’s unlikely that potential franchisees have that kind of cash lying around.
Franchising has been one of the most important sectors of the global economy for decades, so it’s no wonder why so many Americans choose to go down that road in order to free themselves from the shackles of their nine-to-five job. According to the International Franchise Association’s 2018 report, strong economic fundamentals and a boost from the tax reform and favorable regulatory environment support above-trend expected growth in 2018.
via IFA’s Franchise Business Economic Outlook for 2018
Franchising is an enticing option for many potential entrepreneurs who want to own a business but don’t have the resources or know-how to start from scratch.
Opening a new business is a major risk. There’s no guarantee that you’ll be successful. If you’ve got your eye on running your own business, but are wary of taking on the risks of business ownership without support, franchising could be a good path for you.
When you buy a franchise, you have the support and branding of the franchisor, which reduces some of the risks associated with new businesses. Still, there are risks in starting any business, even franchises. Be on the look-out for the following red flags as you evaluate franchises to invest in.
Thinking about buying a franchise in 2017? If the idea of owning a franchise just popped up on your radar, it’s not a decision to be taken lightly. Read on to gain some insight into the steps you’ll likely need to take before committing.
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